Report on EGG bank Essay Example | Topics and Well Written Essays - 1500 words

Report on EGG bank - Essay Example As indicated by this change, banks are required increment their measure of capital so as to help their exercises. Banks are as yet uncertain how solid the changes will be and what will be its effects. The credit crunch has additionally had its effect on the UK banking segment. Bank of England is marginally changing its money related approach as a methods for quantitative facilitating trusting that the monetary conditions would turn out to be better. UK is likewise working in close joint efforts with China so as to build up the money related and capital markets. Numerous occupations have been lost because of monetary lull that has hugy affected the reasoning and the interest of the populace. Individuals are presently turning away from the banks as they have no methods for re-installments of advances from the banks. Likewise numerous individuals are apathetic regarding the items that are offered by the banks and are searching for some better alternatives in which they could contribute. Innovative advancements are happening everywhere throughout the world and not simply in UK. The banks that were working disconnected are presently setting up themselves over the web offering a greater number of items for unexpected sections in comparison to they were doing in their workplaces. The fast movement of banks on the web has presented another financial industry called e-banking. Banks are presently battling to catch more objective markets than their opposition by methods for overwhelming on the web and disconnected advertising. The legitimate issues concerning the financial business is the place they would put away people’s cash as the clients request subtleties and assurance on their profits. The administrative work and archives on the customers’ data just as the banks’ data is presently of essential significance before going into an exchange because of expanded false exercises. Banks are determining their battles toward green and well disposed condition as a methods for pulling in new potential

CASE ASSIGNMENT MODULE 5 Performance Management Essay

CASE ASSIGNMENT MODULE 5 Performance Management - Essay Example Execution of workers is plainly affected by the presentation the board frameworks utilized inside an organization. These frameworks additionally help the HR group to manage different chances and furthermore help in growing new vocation choices and development levels in like manner. An all around arranged and actualized framework can end up being the achievement factor for the business (Armstrong and Baron). Execution the board frameworks help in building up the capabilities of the workforce just as help in recognizing the week territories of the representatives. This can be utilized as a strategy to defeat the shortcomings of the representatives and to create them to turn out to be acceptable in the specific territory (Smither). Likewise the exhibition the executives frameworks help in constant observing and help in better by and large execution of the workers. Considering a China †US Joint endeavor, the fundamental zone that should be considered is the requirement for steady ch ecking. Here the organization needs to guarantee that all representatives are checked continually, to help gain the best outcomes. Overseeing execution can be a consequence of numerous distinction strategies like preparing and advancement, tutoring, the executives of stress, serious evaluations and furthermore thoughts like execution examinations (FSA). When there is a joint endeavor, guarantee that the social contrasts are remembered while building up the presentation the board frameworks. The reason for a fruitful execution the executives framework is successful correspondence of the objectives and duties both to the representatives just as to the overseeing people inside the organization. On the off chance that the workers are clear about their job, and the part they play inside an organization, the commitment will be as needs be and will help in keeping up to the normal execution also (Rollo). The second critical stage here is the checking of the people and to guarantee that the business execution is likewise very much followed and centered upon (Daniels and Daniels). Observing the business and the people inside the organization helps the supervisors and top administration give valuable criticism to the workers and furthermore continually requires the administrators to reestablish the primary objectives and destinations of the organization (Paladino). Here the administration can set out the desires for the association viably and furnish the workers with a make way of their obligations. This is significant particularly in a multi social association as it helps in more advantageous working condition and better execution all in all. At last, it is vital to execute a reasonable remunerating structure for the representatives of China just as the US associations and here the real execution of the workers should be thought of while giving both money related just as non fiscal advantages (FSA). The previously mentioned focuses will profit the general usage of the presentation the board frameworks and these will permit building up a viable framework (Smither). Here for this situation, since the joint endeavor is between two worldwide firms, thus, there are various global contemplations that additionally should be tended to while creating and actualizing the exhibition the board frameworks (Daniels and Daniels). Of these, the above all else factor that needs thought is the social contrasts. Here it is essential to consider as individuals from various societies work

How Your Customers Can Pay with their Smartphones

How Your Customers Can Pay with their Smartphones Over the past two decades, advancements in technology have seen almost every other day-to-day life application being incorporated into the cell phone. It started with simple applications like the calculator and the calendar, and with every leap of smartphone technology, newer and increasingly complex applications like email, internet browsers, GPS and maps, radio, music and video players and various other apps have made it to your smartphone.Over these years, the smartphone has rapidly evolved and is increasingly becoming an important part of any business imaginable.Of course, this has a lot to do with a certain technological innovation that now makes it possible to make and receive payments via smartphones. © Shutterstock.com | Robert KneschkeIn this article, we will start with 1) an introduction to payment via smartphones, and continue then with 2) the advantages and 3) disadvantages of smartphone payments, and 4) how to introduce smartphone payment options to your business.INTRODUCTION TO MOBILE PAYMENTWhat is a payment via smartphone all about?A smartphone payment is a mode of payment that utilizes your bank account information that is available via your smartphone (as opposed to information held on your debit or credit card) to make payment transactions. Any smartphone transaction takes place via an application generically known as a smartphone wallet app, coupled with the smartphones Near Field Communication (NFC) facility. NFC is available on the latest editions of the Apple iPhone, namely the iPhone 6, 6 Plus, and the very latest 6S and 6S Plus. NFC is also a common feature on most Android smartphones that use the Android 4.0 OS version (ICS) or newer.Wallet apps like Apple Pay and Google Wallet are decidedly safer and more secure than traditional credit cards, because these wallet apps do not use sensitive information like credit card number and expiry date during the transactions.What kinds of businesses need mobile payment options?While certain businesses like service-providers may not immediately see the fruits of spending on a mobile payment option, there are many businesses for whom quicker turnaround times translates to better profits. Great examples of such businesses are restaurants (especially fast-food chains), taxi and car hire services, ready-mix mortar suppliers, on-demand mechanics and such like. Over the past few years, with the advancements of technology, many generic businesses have added a web-based and phone-based order option and these include supermarkets, bakeries, confectioners and flower shops. Rapid checkout of goods is the USP of mobile payment, and more and more businesses are drawn into this payment method every day.The easy wa ys to turn your smartphone into your walletSmartphone payment technology is still in a nascent stage of development, but it is slowly turning into a viable mode of payment that is competitive and practicable enough to substitute your wallet and your credit cards.The first step that you might like to take to gradually switch to this innovative mode of payment is to use gift and loyalty cards that are available on popular ecommerce platforms such as Amazon. These cards are stored as bar codes or the increasingly popular QR codes and can be scanned via a scanner from the display of your smartphone. You can also use loyalty cards supplied by PayPal on your smartphone. PayPal has formed tie-ups with certain restaurants and fast-food chains and these outlets allow you to use its loyalty cards as a payment mode. PayPal has also tied up with some other businesses like home improvement chains and this list is gradually being expanded. Others like tech giant, Apple has launched Apple Pay and mega retail chains like Target and Wal-Mart have added the mobile payment option recently.The most important thing to note when planning to use your smartphone as a wallet is to ensure that it has NFC because, as it turns out, NFC is the future of all mobile payments. As of now, Android smartphones have the edge over Apple iOS as far as contactless NFC payments are concerned.ADVANTAGES OF SMARTPHONE PAYMENTSSmartphones are going to be decidedly the most convenient form of payment in the long run. The list of advantages it delivers over conventional payment modes is virtually endless. Below, we list out the most obvious.Easy to useThe most noteworthy feature of a smartphone payment app is its ease of use. All your customers need to do is to pre-load their credit card information on to the app and when making the payment, all they have to do is to launch the app and scan its screen like a vinyl card. Most of these payment apps are alike, so your customers would not need to train thems elves every time they switch to a new payment app. However, most retailers accept popular payment apps like Google Wallet and Apple Pay.Easy access to marketing dataAs a business owner, getting access to your customers smartphone is a much bigger deal than getting access to their credit cards. When you are swiping your customers credit card, all you are getting access to is their credit card number. However, the scenario is very different when handling your customers smartphone. For starters, you instantly gain acquaintance of his email address. But thats not all you will be able to track your customers shopping history and purchase preferences as well. This kind of accurate customer data will be of immense value to you in the immediate future when you start profiling your customers for the purpose of marketing.Convenient for customers as it reduces checkout timesProviding speedy and efficient customer service is the backbone of a successful business, and every good business tries to gratify its customers by making their shopping experience easy and convenient. Offering mobile payment facilities to your customers not only means that they have one item less to carry to your premises (their wallet, of course!), they also get the added advantage of having their checkout times drastically reduced. At the same time, your employees will get respite from the tedious task of staffing the dreaded register and instead, focus their attention to providing your customer with a better shopping experience.Foster customer loyaltyFostering customer loyalty is one of the most crucial tasks of a shrewd businessman. In this day and age, this is becoming an increasingly intricate procedure. Incentives have to be frequently and generously doled out to sustain customer loyalty. Offering a mobile payment facility at the business end of your premises is a novel way to woo your existing customers, not to mention attracting new ones. Also, it is very likely that your business is compet ing with much bigger corporations. In that case, offering mobile payment services should be a great incentive to your customers to stay loyal to your business.Make it easier for your customers to manage their paymentsSmartphone payment options make it convenient for your customers not only to make payments, but also to organize their credit card transactions. A smartphone, when used as a wallet, presents itself as a digital organizer for all your cards, discount vouchers and more. This kind of organization goes a long way into assisting your customers in managing their money effortlessly and keeping a tab on their purchases.Information is secure and safer, compared to credit card transactionsWhile conventional credit card transactions involve swiping the magnetic strip of your card on a card reader, this method isnt perceived to be very reassuring nowadays. This is mainly because a lot of information is transmitted onto the card reader and, in the wrong hands, this leaves room for c ard cloning. However, your customers credit card information will be much more secure when they opt for a smartphone payment instead. This is because in such an operation, a one-time bar code is generated by the smartphone app for every transaction, and card information isnt transferred to the seller at all.Accepting credit cards on mobileIf you are a small business, you will have noticed that many customers have had to decide against purchasing at your premises just because they did not have ready cash. Providing a smartphone payment option will help you cater to those customers.DISADVANTAGES OF SMARTPHONE PAYMENTSNotwithstanding all the advantages that smartphone payments offer to both the buyer and the seller, this mode of payment is not without its drawbacks. We discuss a few such disadvantages below.Accessibility is limited and compatibility issues exist for different brands of smartphonesAs of now, smartphone payment apps havent been standardized and this means that compatibil ity issues are very much real. What apps are compatible depends on what phone you have and what operating system is in use on your smartphone. Thats not all even if the payment app is compatible with your smartphone, it may not be accepted in certain stores. This is because many of these stores may not have the upgraded contact-less terminals in place, and you will end up paying in cash or using your credit card. On top of that, many outlets deliberately refuse to accept payments via smartphones even if they possess the technology to do so.Costs are high for services such as NFCFrom the business perspective, offering a smartphone payment option to your customers is a costly affair, at least at present. This is because NFC-enabled card readers are high-priced, compared to conventional bar-code scanners. Thus, many businesses are shying away from installing such equipment at their premises even though it places them at a competitive disadvantage.Inducting new technology creates a sec urity risk leading to stealing and misuse of dataFurthermore, a failure to understand the processes involved in data storage and transmission can lead to unwanted security breaches.  Almost every other technological innovation pertaining to transfer of money has faced security risks and smartphone payment is no exception. It is not entirely impossible as of now, for attackers to steal information during a payment operation. Also, failing to understand the intricacies of how sensitive information is stored and transmitted can result in unintentional security breaches that can rapidly bring disrepute to your business. Whats more, even if you are able to invest huge sums of money in implementing security measures, it will still make your business less flexible in adapting to changing technology, which in turn will make it less competent in the foreseeable future.Increasing volume of usage of mobile payment applications might cause performance issues and adversely impact customer experi enceEven after a contact-less mobile payment system has been installed at your premises, it may not always guarantee swift transactions. This is especially true when handling large volumes of mobile payments. Such high-volume situations will give rise to performance issues like failed payments. These shortcomings, if not handled on priority, will translate into poor customer experience.HOW TO INTRODUCE SMARTPHONE PAYMENT OPTIONS TO YOUR BUSINESSIntroducing the latest smartphone payment options to your business involves a series of interlinked steps. We will discuss each process in detail.How to turn a smartphone into a credit card reader / terminalTo use your smartphone as a card reader or terminal, you will need to acquire two things a card reader dongle that attaches to your smartphone, and a mobile app. Once installed and correctly configured, you can swipe your customers credit cards on the card reader and process payments through your smartphone.The other requisitesThere are c ertain other requirements besides acquiring a card reader/terminal to accept smartphone payments. They areMerchant Accounts: Merchant accounts are a discretionary option if you wish to receive mobile payments. In case you do not wish to opt for mobile payments services, you can instead, contact your bank to get hold of a merchant account.Mobile payment services like PayPal Here and Square: If the old-school merchant account looks too much of a hassle to set up, you can always opt for newer and more convenient mobile payment services like PayPal Here and Square.PayPal Here: PayPal is renowned as the trailblazer of online payment services. PayPal Here takes that legacy forward by offering a mobile payment processing platform that makes it possible for users to accept almost any form of payment. This service is compatible with major smartphone operating systems like iOS, Android and Windows. PayPal Here allows you to accept payments in the form of credit cards, debit cards and even all ows you to send an invoice across for future payment. Not only can invoices be sent online in PayPal Here, this service even makes it possible for you to record all transactions made in cash and through cheques. Whats more, PayPal also offers live customer service and processes service requests both through phone calls and via emails. Pricing wise, PayPal Here offers you a simple plan that involves zero setup fees, monthly fees, cancellation fees and processing minimums. Fees are charged per transaction and they are like follows: A fee of 2.7% per card transaction (US) A fee of 3.5% + $0.15 to key in cards A fee of 2.9% + $0.30 to create an invoice An additional 1% fee is collected for every overseas transfer.Square: Square is another mobile payment service that has seen increased popularity in the retail sector in recent years. Although optimized for use on the Apple iPad, Square is also compatible with other Apple products as well as Android devices. Square allows you to not o nly receive payments but also enables you to track your sales performance in real time. The popular app, Square Register allows you to record all transactions made in cash, via credit/debit cards or any other means. It manages your digital receipts and your inventory, and provides you valuable feedback by generating accurate sales reports. Whats more, with its inbuilt automatic update function, you are relieved of the tedious task of having to manually update the app time and again. Square is meant to be a point-of-sale (POS) application, and is available for download absolutely free of cost on both the App Store and Google Play.Some other mobile payment options that serve as a good alternative to the usualTouchSuite: TouchSuite is a frontend retail app that allows you to access to multiple payment options. It is primarily aimed at small businesses, and apart from encompassing a easy-to-use mobile platform, TouchSuite lends itself to be used as a competent point-of-sales application . Thats not all, TouchSuite also makes it possible for you to manage client data and supervise future bookings. It also generates a log of sales data and lets you track your sales performance accurately. But the best feature of TouchSuite is that it perfectly integrates with your existing accounting software, thus saving precious time which you would otherwise have to spend in updating your accounting software separately.Flint Mobile: Flint Mobile is a cost-effective mobile payment application. It is unique in that it does not use any conventional card-reading/ card swiping hardware, and instead uses your phone camera to scan card numbers. This not only saves you a lot of money otherwise spent on expensive card reader terminals, but is also much more reliable. Flint Mobile is particularly effective when you are processing a lot of debit cards. A noteworthy attribute of this application is the Sell Online feature, that allows you to directly sell any item from your inventory online.G oPayment: GoPayment is another competitive mobile payment option. However, unlike Flint Mobile, it uses the more conventional card reader terminal, and so it is not very easy on your pocket. Nevertheless, GoPayment offers some clever features it syncs with other Intuit products such as Quickbooks. Payment plans are flexible and you can choose between a monthly fee plan and a per-transaction fee plan.Dwolla: Dwolla is one of the lesser known mobile payment applications, but it is also one of the most cost-effective, provided your payment processes are uncomplicated. A visible downside to Dwolla is that it requires your customers to have it installed on their smartphones as well. This can prove to be a headache for many customers, since they would have to log on to Dwolla every time they need to make a payment.LevelUp: LevelUp is a mobile payment application that is user-friendly and extremely compatible with other applications, especially POS apps. It is equipped to scan QR codes on your customers smartphones. Whats more, LevelUp offers accurate data analytics. For an additional fee, you can also carry out and supervise marketing campaigns for your business. It is highly favoured by businesses that strive to creating loyalty programs for their customers.

IT Risk Management Framework Essay - 1001 Words

4.3 PO9 Assess and Manage IT risks 4.3.1 PO9.1 IT risk management framework IT risk management framework is a necessary framework for every successful enterprise. So the City Medical Partners also need their own IT risk management framework. IT risk management framework can avoid the future risks and it also can gain the benefits. And the IT risk management framework need to fit with the risk management objectives of the enterprise - City Medical Partners. The example for risk classifications: Strategic Programme Project Operational The new risks must be recorded. So if the same risk is happened again, then people can handle it efficiently and effectively. 4.3.2 PO9.2 Establishment of risk context Establish†¦show more content†¦City Medical Cancer Centre: the unit that risk assessment is informal. Such as the IT director - Barbara Winton, she acts as two positions. City Medical Kids Centre: the unit that focus on delivery of service includes principal of each units. City Medical School: for this unit, it doesn’t require the risk assessment. Such as the IT director – Dr. Antonio, he think the risk assessment is not necessary at this time. City Medical Research: this unit doesn’t need to perform the risk assessment, because the IT director acts as a researcher at the same time. 4.3.5 PO9.5 Risk response The enterprise - City Medical Partners needs to understand the risks. They also need to know about how risks cause the negative impact on the operations. And City Medical Partners need to reduce the chance of occurrence of the risks. Such as Lisa Alott said:† I had told David that we probably could save USD $1 billion per year if we were to integrate and virtualise these disparate systems†. 4.3.6 PO9.6 Maintenance and monitoring of risk action plan The City Medical Centre should implement the monitoring of the risk action plan. It allows the organization to make the risks clearly. And it can also check the current risk are incomplete or complete. 4.4 ME4 - Provide IT governance 4.4.1 ME4.1 Establish of an IT governance framework TheShow MoreRelatedRisk Management Process : Erm Frameworks, Risk Identification, And Tolerance1245 Words   |  5 Pages Risk Management Process: ERM Frameworks, Risk Identification, and Tolerance Setting up a project makes it necessary that risks that are likely to affect the business are determined. The characteristics of the risks are to be documented. Participants in the risk management process vary, and they include personnel such as end users, customers, risk management team, project team, outside experts, stakeholders and other project managers (Piazza-Waggoner, Adams, Goldfarb, Slater, 2002). 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The Depiction of Women in The Yellow Wallpaper and The...

The Depiction of Women in The Yellow Wallpaper, by Charlotte Perkins Gilman and The Chrysanthemums, by John Steinbeck Identical twins have the same genes that make both of them look, think, and feel the same. Their likes and dislikes are the same; for instance, when one likes yellow, the other will like yellow. However, their fortunes are different; for instance, when one dies, the other will not die. Similarly, in literature, different authors have created a twin character in different eras. It is as if a second twin sister was born forty years after the first one was born. In The Yellow Wallpaper, written by Charlotte Perkins Gilman ( 1892) and The Chrysanthemums, written by John Steinbeck (1938), both stories are similar in†¦show more content†¦Like Salinas Valley, Elisas life is limited by her husband and she does not have a free life. On the other hand, Gilman uses a big, beautiful house as a setting. Her character is trapped inside the haunted house despite the fact that she suffers from a mental illness. She is stuck in a vacation home that is well back from the road, quite three miles from the village (Gilman 182). The house makes her feel so strange that she cries all day, but not at night for her husband is there: [she cries] at nothing, and [cries] most of the time (Gilman186). She does not like her room a bit at first because of the yellow wallpaper. She wants to get out and wishes John would take [her] away from [that room] (187). She is trapped in that room for three months until she gets herself out. The writers in those days had the same opinion of a relationship between husband and wife. Many women were living in a world that was dominated by men in the early days. It was very common for men to control their wives during that era. Most women were not able to rebel against their husbands. The women in both stories are protagonists who have a strange relationship with their husbands. While the main character of Gilman suffers from a nervous breakdown, the character of Steinbeck is a very strong and powerful woman. Gilmans character gets

Coca Cola Advertising Free Essays

Strengths 1. The best global brand in the world in terms of value. According to Interbrand, The Coca Cola Company is the most valued ($77,839 billion) brand in the world. We will write a custom essay sample on Coca Cola Advertising or any similar topic only for you Order Now 2. World’s largest market share in beverage. Coca Cola holds the largest beverage market share in the world (about 40%). 3. Strong marketing and advertising. Coca Cola’ advertising expenses accounted for more than $3 billion in 2012 and increased firm’s sales and brand recognition. 4. Most extensive beverage distribution channel. Coca Cola serves more than 200 countries and more than 1. 7 billion servings a day. 5. Customer loyalty. The firm enjoys having one of the most loyal consumer groups. 6. Bargaining power over suppliers. The Coca Cola Company is the largest beverage producer in the world and exerts significant power over its suppliers to receive the lowest price available from them. 7. Corporate Social Responsibility (CSR). Coca Cola is increasingly focusing on CSR programs, such as recycling/packaging, energy conservation/climate change, active healthy living, water stewardship and many others, which boosts company’ social image and result in competitive advantage over competitors. Weaknesses 1. Significant focus on carbonated drinks. The Coca Cola Company is still focusing on selling Coke, Fanta, Sprite and other carbonated drinks. This strategy works in short term as consumption of carbonated drinks will grow in emerging economies but it will prove weak as the world is fighting obesity and is moving towards consuming healthier food and drinks. . Undiversified product portfolio. Unlike most company’s competitors, Coca Cola is still focusing only on selling beverage, which puts the firm at disadvantage. The overall consumption of soft drinks is stagnating and Coca Cola Company will find it hard to penetrate to other markets (selling food or snacks) when it will have to sustain current lev el of growth. 3. High debt level due to acquisitions. Nearly $8 billion of debt acquired from CCE’s acquisition significantly increased Coca Cola’s debt level, interest rates and borrowing costs. . Negative publicity. The firm is often criticized for high water consumption in water scarce regions and using harmful ingredients to produce its drinks. 5. Brand failures or many brands with insignificant amount of revenues. Coca Cola currently sells more than 500 brands but only few of the brands result in more than $1 billion sales. Plus, the firm’s success of introducing new drinks is weak. Many of its introduction result in failures, for example, C2 drink. How to cite Coca Cola Advertising, Essay examples

Strategic human resource in the hospitality industry; A case of United States of America hotels

Introduction The report is a critical evaluation of the United States of America hotel industry. To accomplish this, there will be need to critically evaluate the extent to which strategic HRM can help organisations face the challenges of the future; under this section both external and internal environment of the industry will be evaluated. The associated challenges anticipated in future by the industry and how best strategic human resource management can help the industry address these challenges are also of interest in this report.Advertising We will write a custom report sample on Strategic human resource in the hospitality industry; A case of United States of America hotels specifically for you for only $16.05 $11/page Learn More The second section entails application of SHRM to such activities such as human resource planning and flexibility of labour, strategic recruitment and retention strategies, employee development, knowledge management and suc cession planning, performance management, employment relationships and employee involvement, motivation and reward strategies all aimed at linking the concept of SHRM to support U.S.A hotels attain their plans and objectives. The third section revolves around the issue relating to change. It is worth noting that change in any industry is inevitable and for that matter this report will not only define change but also give an overview of the same and more importantly develop justified strategies to managing change as well as coming up with recommendation on the same. Industry overview It is no doubt that hotel industry in the United States generates billions of revenue as well as providing millions of job opportunities both directly and indirectly. Records show that the industry is third behind automotive and food sores respectively (Becker Huselid, 2001). The revenue generated by full service hotels of which are the largest section of lodging industry is about $80 billion annually. Interestingly in the year 2005 only there was selling of hotel with approximately $22 billion. It will be rational for the paper to bring out clearly examples of hotels that provide full service and include; Marriot, Hilton, Hyatt as well as Starwood. All these except Hyatt are owners of majority of the hotel brands in the country. In terms of employment, the hotel industry in the U.S has provided job opportunities to about 1.3 million people. Out of the total, a half works in full service hotels (Johnson Scholes, 2002). A closer examination of the workforce will definitely leave on with the impression that indeed it is diverse in terms of age, cultural background, sex, gender among others. It is worth noting that hotels located in the city centres offer employment to the urban populace. Approximately, the industry provides 8.0% employment opportunity nationally. The major issues facing the industry include the following; image and outreach, recruitment and retention as well as tra ining and skills need. For instance, the industry faces higher risks regarding employees’ turnover attributed to the fact that the industry is growing very first and the need for highly skilled employees is so high.Advertising Looking for report on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Nonetheless, the industry has a lot of opportunities particularly due to the fact that technological advancement has ensured that people can connect and travel with ease. Additionally the growing need of people to experience services offered in the industry coupled with a stable political and economic environment offers the industry an opportunity to grow further. All these can be attained if the most important asset is well managed and led. Strategic human resource management and future challenges There is no doubt that employees are one of the significant resources that ensures organizations attain their desired goals and objectives successfully (Dubinsky Skinner, 2004). For that matter, there is need to ensure that the resource is always at par in all sectors with regards to their capabilities to carry out tasks, duties and responsibilities in the most efficient manner. In the hospitality industry human capital is what differentiates between good service and bad ones characterized with poor quality. It has been noted with concern that there are certain persistent challenges that will continue to face the service industry and especially the hotel industry in the United States of America (Dubinsky Skinner, 2004). To understand the challenges the industry is facing, it will be rational for both the internal and external environment of the industry to be critically evaluated. On the same line of thinking, it is worth noting that internal factors are those attributes or challenges the organization can have direct influence while the external factors or challenges refers to set of attributes that the o rganization in question can do very little to address the situation. Among the serious external factors that affect the industry include; global political as well as economic instability, volatility of the business, availability of hospitality alternative supply, security issues as well as issues relating to travelling (Haidment, 2007). On the other hand, internal factors mainly comprise of the following; increasing and changing consumer needs and expectation, intensive competition, higher operations costs, shortages of skilled workers, technological advancement, and higher rates of employees’ turnover, training and a diverse workforce. For the purpose of this assignment only those internal and external factors that are linked to human resource management will be evaluated. Shortages of skilled and talented manpower It has been noted with concern that just likes other industries; the hotel industry is faced with challenge of acquiring skilled and talented workforce. Statistic s show that about 35% of the business entities in hotel are facing shortage of qualified workers (Haidment, 2007). Making things worse regards the estimate brought forth that in the next 10 years, the shortage of such workforce will go up by almost 15.0%.Advertising We will write a custom report sample on Strategic human resource in the hospitality industry; A case of United States of America hotels specifically for you for only $16.05 $11/page Learn More For this reason it will be a challenge for the HR department to retain and attract employees. The individuals in short supply include cooks, pastry cooks, barmen, waiters, receptionists as well as chambermaids (Becker Huselid, 2001). One cannot ascribe one cause to the current and the anticipated problem since a multiple of factors seem to result to the problem. One such factor is the attractive pay from other related service industry such as cabin crew, tourism among others has resulted to competitio n on the scare resource. Additionally, despite the efforts being made by institution of learning to encourage student take up hotel related courses, many of the targeted student are having other options such as business, nursing, engineering hence leaving very few individuals joining the course hence fewer graduates. Another factor that results to shortages of talented and skilled employees is with regards to the rapid growth of the hotel industry. This coupled with higher pay in other countries especially in the Middle East particularly Dubai has seen to it that potential employees migrate to these countries since the pay is good. Higher rates of employee turnover Despite the fact that an organization might have at its disposal a diverse, skilled and talented workforce, ensuring that they remain and provide their services to the organization has been a challenge especially to the hoteliers. It has been shown that the amount of work as well as time for an average hotel employee exce ed the 8 hours per day limit (Thornhill, 2000). This coupled with lower pay the employees receive and the fact that there are other service industries willing to provide competitive wages and salaries definitely has seen to it that hotels continue and will continue to loss their workforce. Similarly, it is a fact that most hotel in the United States of America have employed younger individual who are between 20 and 30 years. This group of individuals have more to achieve in their lives (Sparrow Cooper, 2003). For instance, they might be looking for more cash so that they can be able to finance their further studies. For this reason, they will definitely leave the hotel industry to go and study. Considering the issue of lower salaries, once they graduate they will look for better paying jobs particularly in other service industries other than hotels. Additionally, due to the fact that the industry is characterized by higher risks of volatility and fluctuations, workers once they lea rn of an opportunity elsewhere will not think twice on taking the new assignment (Desseler, 2005).Advertising Looking for report on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Diverse workforce As noted in the internal environment of the industry, it is evident that the workforce in the industry is made up of purely people from different backgrounds in terms of culture, age, race, education level, religion, sex orientation to mention but a few. The human resource in this sector are also compelled just like in the other sectors to strictly adhere to the law of the land pertaining issues related to equal employment opportunities. At no time should any hotelier through his or her human resource department unfairly treat an individual or group of individual based on the various factors such as sex, age, and education level among others to later disadvantage (Leopold Harris Watson, 2005). Literature has it that due to the fact that globalization is a reality and it is a concept that will stay with mankind for the rest of his existence, sectors such as the service industries and particularly hotels will continue to have a much more diverse workforce. Consideri ng the advantages brought forth by having a diverse workforce, it will be irrational for the HR not to have strategies in place that will aim at capitalizing on such advantages as improved organization outlook among others. It is worth mentioning that the consequences of not properly managing a diverse workforce are unimaginable and can lead to such issues as legal battle, poor public image, economic loss to mention but a few. Some of these reasons are largely contribute to high rate of employee turnover as well as attrition rates (Sparrow Cooper, 2003). Technological advancement The pace at which mankind has experienced changes in technology since the inception of computers back in 1960s has been tremendous. From such innovations, various sectors in the world of business have embraced the technology with the desire that without such an initiative, their future will be doomed. However, it has been seen that although some organizations or sectors have successfully used technology to create competitive advantage, other have terribly failed in adopting this innovations. In the hotel industry, using technology can range from such simple tasks as keeping visitors record in a computer to such complex initiative as placing visitor’s orders online among others (Desseler, 2005). Considering the fact that it is human who will command these computers for service delivery, it is imperative that the human resource department strategically places it self in ensuring that the workforce are capable of doing this successfully. On the same note, a serious concern comes to light and this is with regards to knowledge management, skills and knowledge transfer as well as training and education. There are various issues that hinder the human resource department from successfully executing sustainable and fruitful education and training programs and this will even be seen in the future. Strategic human resource management and business strategy According to Reddington, William son Withers, 2005 strategic human resource management has been thought of as a concept which is proactive in nature aimed at helping organizations to be in a better position in meeting the needs as well as aspirations of workers while at the same time promoting the goals and objectives of the company. Generally speaking the concept of SHRM in the hospitality industry is aimed at ensuring that the human capital department is always a head of time in trying to help the business entity meet its objectives and goals. Having already defined SHRM, it is no doubt that if it is well thought-out during its application, ideally all sectors in the hotel industry will be positively impacted. For instance, during the process of brining in new employees, better strategies will be used during recruitment and hiring process (Leopold, Harris Watson, 1999). On the same note education programs as well as training programs will be developed. Similarly, SHRM will play a major role in ensuring that wor kers are motivated and highly satisfied with their jobs. All these will translate to lower levels of employee turnover as well as availability of skilled and talented workforce very vital for an organization to meet the needs, demands and aspirations of its customers. There are two components of strategic management; strategy formulation and strategy implementation. The former entails mechanisms of arriving at a decision on the direction to be taken by the organization in terms of mission, goals, strengths, weaknesses, opportunities and threats (Rosen, 1995). The later refers to the processes of coming up with structures as well as allocation of resources in order to achieve the best chosen strategy. Last but not least, SHRM has the potential of ensuring that a workplace environment in which diverse workforce is appreciated, employees are motivated and satisfied leading to increased productivity of the industry in terms of provision of high quality services (Reddington, Williamson Withers, 2005). Benefits of using strategic HRM to support business plans With regards to the challenges that are facing and might face the hotel industry in the near future, human resource department is in a better position to help hotel industry regain confidence in terms of having competent workers. Since the whole idea of strategic human resource management entails being one foot a head; there are a number of benefits that can be derived when the business utilizes SHRM to support its business plans. It is no doubt that if nothing is done in a timely manner the industry will suffer serious setbacks that will seriously injure not only the industry but also other sectors that relies heavily on it (Tanke, 2001). SHRM although a new concept in theory of business is seen as a macro-oriented approach of human resource management and for that matter a blue print of human resource allocation in order to meet needs of an organization. SHRM mainly centres on the nature of human resource an d management practices that impact on an organization workforce (Storey, 2007). Managing diverse workforce As held by Storey, 2007 one benefit that will be brought about by the industry when incorporating SHRM in its strategy entails the successful management of a diverse workforce. Policies that are in line with the government laws, guidelines as well as procedures will be core. This will ensure that the issue with regards to discrimination is fully addressed. Having in mind that a diverse workforce in itself is advantageous for instance, there will be various and indeed suitable alternatives to solve problem and more so transfer on knowledge. Tanke, 2001 suggested that when workers are treated equally, there is no doubt that there will be no resentments and for that matter the entire workforce will work in unity hence being productive. Attracting and retaining skilled and knowledgeable workers As noted previously one serious challenge facing the industry regards the issue of retai ning as well as attracting talented and skilled workforce. Having the human capital management department think strategically, various mechanisms can be used to address the problem. For instance, job description when clearly defined, competitive salaries offered, the period for interviews, recruitment and selections shortened to at most 2 weeks and a conducive environment in which workers can engage in a flexible working environment might contribute to employees staying longer in the industry. For instance a flexible working arrangement will ensure that a mother who is breast feeding will report to work at a time she feels is convenient to her thereby allowing her to spend time with the child. Additionally SHRM is also capable of ensuring that better and workable programs to enhance education and training are in place (Tanke, 2001). Additionally, there is room for the industry through its HR department to sign a memorandum of understanding with institutions of learning so that the f ormer can benefit from access to talent while the later might benefit in financial gains among others. Other strategies that the HR can use to motivate its workforce is rewarding those who are performers and support those who do not seem to perform as expected so that they can gain confidence and engage their efforts in serving the industry. Promoting staff members can be a morale booster only if it is done purely based on performance and merit. It is worth mentioning that majority of the employees in this sector are very young. A well thought plan by the HR may decide to bring on board older workforce who will be more loyal as well as being experienced (Reddington, Williamson Withers, 2005). This group of workers will help in a great deal when it comes to sharing their experiences thereby enhancing knowledge and skills transfer. In the quest of attracting skilled workers, SHRM will factor in the issue of the industry seasonality and try to have in place strategies that will attrac t part-time works. To accomplish this, there will be need to not only identify potential new employees but to always be in contact with them. Negotiating better deal for the workers It has been noted with concern that various sectors of the economy are faced with unionized workers. Although this has its own advantages, it brings with it serious consequences that when not foreseen and corrective measures taken timely things might go beyond hand. SHRM will defiantly fore see this and advice the management regarding workers pay, duration they are expected to work, over time payment, work environment where workers can freely air their views with victimization as well as provision of learning environment. Ultimately, issues such as strikes or go slow will be a thing of the past and service provision will be uninterrupted hence making loyal customers happier as well as attracting new ones. Successful adoption of technology With strategic human resource management in place, it will be atta inable to adopt change especially with regards to innovation in the most acceptable manner. Before adopting any innovation, the HR will have to develop the need requirement, come up with alternatives and the rest implementation and evaluation. While this is being done, HR will effectively communicate the same to the end users. In fact it would be rational if the entire process from the start incorporates the views and input of the employees. This approach will ensure that the employees will bring in issues that are of concern and even propose better ways on how to curb them. When the final decision is made and their inputs are reflected, there will be very limited room for resistance, hence the hotel industry will enjoy the benefits brought about by technological advancement. Competitive advantage Finally, SHRM is capable of ensuring that the workforce in the industry are well trained and educated hence highly skilled, are motivated and fully satisfied with their work. In return, th e employees will feel the urge to give back something to the industry and there will be nothing other than providing the best of their best in terms of service delivery to customers. The ability to provide customers with unmatched high quality service in it self is a competitive advantage that will go extra miles in ensuring that the industry is a live an kicking even in the work of situations in terms of economy and competition (Reddington, Williamson Withers, 2005). Constant reviews of the strategies It has been noted that where SHRM is applied reasonably in terms of evaluating and monitoring of the employees as well as proposed alternatives that have been implemented, emerging as well as burning issues can be identified and corrective measures taken to arrest an ugly outcome. Various ways can be applied by the HR in trying to evaluate and monitor any situation, for instance using interview or survey to establish the level of employees’ satisfaction with regards to a recen tly implemented education and training programs. On the same note SHRM will bring the advantage of succession planning usually attained through better programs that enhance knowledge and skills transfer (Kearns, 2003). Strategies for managing change As noted previously, change is inevitable and for that matter organizations including the hotel industry opt to be in a position to manage change. Change refers to bigger changes and not smaller one faced by an organization. The changes or transformation include changing mission statement, restructuring, re-engineering and merging among other. The concept has been heightened by globalization propelled by technological advancement. It would be rational if the drivers of change in the hotel industry are identified since this will play a major role in dictating the best strategies to apply when managing it (Golding, 2010). Major drivers of change in the industry As suggested by Lindgren Bandhold, 2002 the hotel industry is one of the most dynamic industries in the world. There are a number of factors that contribute to the industry to be seen as one that is prone to change. Changing needs and demands of customers The major driver of change in the industry is with regards to the changing needs and demands of customers. It has been noted that with technological advancement, consumers have been able to equip themselves with adequate knowledge which has eventually led to the tremendous changes on their preferences. For this reason, the hotel industry has to keep it self on toss so that it can managed to retain their customers by providing them with what they want. According to Golding, 2010, it is also important to remember that most of the customers who travel especially to the U.S have carried out substantial research and for that matter hotels have no option other than trying to maintain high standards that will meet the visitor expects. Technological advancement Since the development of computer, major changes have t aken place and more is expected in the near future. With the notion that those who do not adopt technology will ‘perish’ in the current world of business, the hotel industry is not left behind in their quest to remain one foot a head of their customers by adopting technology. With the need to integrate information with regards to customer, databases will be generated to enhance networking. Consequently having in mind that the Y generation is growing and they are technology hungry, the hotel industry will have no choice but to adopt the same so that they can tap the benefits from this group of customers (Phillips Connell, 2003). Globalization As suggested by Burnes, 2004 the concept of globalization characterized by free movement of people, capital, goods and services has tremendous impact on hotel industry not only in the U.S but also globally. Due to high level of interconnectedness among people of varied cultures thanks to advanced technology that has enabled effecti ve communication; the hotel industry has been changed to accommodate the varying needs as well as demands of their customers from across the globe. On the same note, globalization has brought with it the idea of merging and acquisition seen as the ultimate solution to curbing the issue brought about by stiff competition. When two or more organization join resources together to enjoy the benefit brought about by the synergy issue will always a rise and there is need to timely address them (Campbell et al., 2002) How best to manage change With the understanding that change is inevitable, the human resource management has no other option but to fully equip itself with strategies to manage change for hotel posterity. One best strategy is to bring everyone on board during the initial change process (Burnes 2004). At this point all the stakeholders will be allowed to air their view with regards to adopting change. For that matter, when the level of involvement is high, there will be very little room for resistance to change. Similarly, wide range of alternatives will be evaluated hence ensuring that better solutions are in place to curb any problem that will arise. It is worth noting that this can be attained by adopting communication style that will allow free flow of information regardless of the hierarchy (Boxall Purcell, 2003.). According to Boella Goss-Turner, 2005 another strategy to manage change in the industry is to adopt the culture of a learning organization. A learning organization has been thought of as a company which endeavour in facilitating the learning of its workers aimed at transforming the whole organization. This idea will help the hotel industry maintain higher levels of innovation and creativity hence being competitive. Similarly, a learning organization better places itself in responding to external factors hence maintaining competitive advantage. Similarly, learning organization when it comes to issue pertaining to changes is at an advant age as they can adopt change quickly and successfully (Lindgren Bandhold, 200). On the same note having in place effective style of leadership is another important strategy that will ensure change is well and successfully managed. If those individuals bestowed with the responsibility of influencing the thoughts of their followers are able to create an environment that is conducive and they can lead by example, then managing change will be a walk in the park (Paton McCalman, 2000). More importantly, if the industry will have a committee to oversee issues relating to change such as monitoring and evaluating the same will help a great deal. With such a committee various issues arising during the process of adopting change can be timely addressed (Boella Goss-Turner, 2005). Conclusion and recommendation Among the recommendation about change; the hotel industry opt to understand that change is inevitable and there is need to carryout soul-searching before adopting change, it is not al ways guaranteed that adopting change will enhance success and finally strategies to successfully manage change is called for. From the review of strategic human resource management in the hospitality industry, it is apparent that various challenges such as lack of skilled and knowledgeable workers, higher rates of employee turnover among others can be successfully addressed. Similarly, the major drivers of change in the industry include advances in technology, changing demands and aspirations of customers, globalization as well s the desire to form mergers and acquisitions. It is paramount from the analysis herein that having in place strategies to manage change such as allowing everybody to be on board, effective leadership and having a committee bestowed with the task of monitoring and evaluating change will help the industry to successfully adopts change. References Becker, B. Huselid, M., 2001. The HR Scorecard: Linking People, Strategy and Performance, Harvard Business School Press; Harvard. Boella, M. Goss-Turner, S., 2005. Human Resources Management in the Hospitality Industry, Elsevier: London Boxall, P. Purcell, J., 2003. Strategy and Human Resource Management, Palgrave Macmillan: Basingstoke. Burnes, B., 2004. Managing Change: A Strategic Approach to Organisational Dynamics, Pearson Education: Harlow. Campbell, D., Stonehouse, G. Houston, B., 2002. Business Strategy: An Introduction, Butterworth Heinemann: Oxford. Desseler, G., 2005. Human Resources Management, Pearson Prentice Hall: New Jersey. Dubinsky, A. Skinner, A., 2004. 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